- Oil prices rose to a new three-month high of $84.38 on Tuesday.
- The price of natural gas fell to a new July low of $2.41 on Tuesday.
Oil Chart Analysis
Oil prices rose to a new three-month high of $84.38 on Tuesday. There, it lost momentum and the price was forced to retreat. Last night we found support at the $82.85 level. During the Asian session this morning, oil prices moved in the $82.85-$83.35 range. We have not been able to improve further and now there is a new turn to the bearish side. Bearish consolidation has started and the pressure is on $82.85, yesterday's support level.
Possible lower targets are $82.50 and $82.00 levels. At $82.00 area, oil price could gain more support and stop further decline at the EMA200 moving average. We need positive consolidation and a break above $83.50 level for a bullish option. Above that level, there is room for us to visit more levels. Possible upper targets are $84.00 and $84.50 levels.
Natural Gas Chart Analysis
Natural gas price fell on Tuesday to a new July low of $2.41. During the Asian session this morning, we see a slight recovery and a movement in the range of $2.42 to $2.47. The pressure on prices is still present on the chart, which could have a negative impact later in the day. A break below us leads to a new lower low and thus confirms the continuation of the bearish side.
Possible lower targets are the $2.40 and $2.35 levels. We need positive consolidation and a move above the $2.50 level for a bullish option. There, we get support from the EMA50 moving average, and it will be easier for us to start further growth and recovery. Possible upper targets are the $2.55 and $2.60 levels. $2.60 is our weekly opening price, and it would be of great importance if we were to break above it again.
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